光伏设备行业深度研究：叠栅：SMBB、0BB下一代降银增效技术解析

Industry Overview - 0BB (No Busbar) is an upgrade of SMBB (Super-Multiple Busbar) technology, and stacked grid can be considered as an even more advanced version of 0BB [2][6] - Stacked grid technology replaces "sub-grid + main grid" with "seed layer + conductive wire," reducing silver paste usage by 75% and potentially eliminating silver entirely in the future [2][6] - The triangular conductive wire in stacked grid technology has ultra-high surface reflectivity, achieving a shading rate of less than 1%, which increases module power compared to TOPCon SMBB [2][6] Technological Advantages - Stacked grid technology reduces costs by eliminating the need for horizontal current conduction, allowing for the use of cheaper copper instead of silver [18][22] - The triangular conductive wire's high reflectivity reduces shading loss to less than 1%, significantly improving module efficiency [23][26] - Compared to TOPCon SMBB, stacked grid technology can increase module power by 25-30W [26] Challenges and Progress - The alignment of conductive wires with the seed layer is a major challenge, affecting the yield rate of stacked grid technology [35][36] - Stacked grid technology is still in the yield improvement phase, while 0BB has already achieved mature mass production [6][61] - In 2024, Tongwei, Jingsheng, and Shichuang formed a strategic partnership to promote the development and mass production of stacked grid technology [63] Cost Analysis - In the small-scale production phase, stacked grid technology saves approximately 6 cents/W compared to SMBB and 3.8 cents/W compared to 0BB [6] - In the large-scale production phase, stacked grid technology saves approximately 12 cents/W compared to SMBB and 8.7 cents/W compared to 0BB [6] - The cost advantage of stacked grid technology is more significant than that of 0BB, but yield improvement remains a key factor [61] Investment Recommendations - The industry investment rating is "Outperform" [6] - Key companies to watch include Shichuang Energy and Jingsheng Mechanical & Electrical, which are leading the development of stacked grid technology [6][72] - Shichuang Energy has developed a unique triangular conductive wire and holds patents for stacked grid technology, while Jingsheng Mechanical & Electrical is responsible for developing the equipment for mass production [72]